Conformed Copy - L3052 - First Telecommunications Project - Loan Agreement

Page 1 CONFORMED COPY LOAN NUMBER 3052 EC (First Telecommunications Project) between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and INSTITUTO ECUATORIANO DE TELECOMUNICACIONES Dated September 28, 1989 LOAN NUMBER 3052 EC LOAN AGREEMENT AGREEMENT, dated September 28, 1989 between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank) and INSTITUTO ECUATORIANO DE TELECOMUNICACIONES (the Borrower). WHEREAS (A) the Republic of Ecuador (the Guarantor) and the Borrower, having been satisfied as to the feasibility and priority of the Project described in Schedule 2 to this Agreement, have requested the Bank to assist in the financing of the Project; (B) by an agreement (the Guarantee Agreement) of even date herewith between the Guarantor and the Bank, the Guarantor has agreed to guarantee the obligations of the Borrower in respect of the Loan and to undertake such other obligations as set forth in the Guarantee Agreement; (C) the Borrower intends to contract from the Commonwealth Development Corporation (the CDC) a loan (the CDC Loan) in an amount equivalent to approximately fifteen million pounds sterling (